Mt Pelerin, a provider of blockchain and self-custody financial services, has announced the launch of personal crypto IBANs within its service.

The feature allows users to extend the function of their self-custodial wallets by enabling them to send and receive money across both blockchain and traditional banking networks.

Self-custody is a core principle of Bitcoin and other cryptocurrencies, centred on the ability to hold and control one’s own funds without third-party intervention.

While this offers financial autonomy, it has traditionally limited interaction with the conventional banking system.

The new crypto IBAN is intended to bridge this gap, making self-custody more practical in everyday transactions.

Through the service, users can create a personal euro or Swiss franc IBAN and link it directly to their self-custodial wallet.

They can receive bank transfers, such as salary payments or transfers from friends and family, which automatically convert into crypto in their wallet.

They can also initiate bank transfers to others using the crypto they hold.

These transactions appear as standard bank transfers to recipients and senders, with the crypto settlement handled in the background.

According to the company, this development aligns with its long-standing aim to make self-custody a realistic alternative to a traditional bank account.

By assigning a personal IBAN to a wallet, users can manage their funds independently while retaining the ability to transact within the wider financial system.

Featured image credit: Edited by Fintech News Switzerland, based on image by kuprevich via Freepik